If you are able to use any of these programs to pay for part of your college tuition, your debt after graduation may be easier to manage. The federal government has a number of different student loan programs, described below, that offer low interest rates and other student-friendly terms. Of course how much you will pay will also depend on what kind of loans you choose to take out. Then with some financial information like how much you (or your family) will be able to contribute each year and what scholarships or gifts you’ve already secured, the student loan payment calculator can tell you what amount of debt you can expect to take on and what your costs will be after you graduate – both on a monthly basis and over the lifetime of your loans. Variables like your marital status, age and how long you will be attending (likely four years if you are entering as a freshman, two years if you are transferring as a junior, etc.) go into the equation. Photo credit: © iStock/fizkesīy looking at a student loan calculator, you can compare the costs of going to different schools.
For many students, the only way to stay atop this rising tide has been by taking on an increasing amount of student loans. It’s no secret that getting a degree has grown more expensive in recent years. Student Loan Calculator: How Long Will It Take to Pay Off?
